Residential Property Price Index May 2018

Volume and Value

In the month of May, 3,543 household market residential dwelling purchases were filed with the Revenue Commissioners. This represents a 2.5% increase compared to May 2017, when 3,456 purchases were filed, and an increase of 11.8% compared to April 2018, when 3,170 purchases were filed. The total value of the market based on transactions filed in May was €993.3 million.

New and Existing Dwellings

Of the 3,543 household market dwelling purchases filed with the Revenue Commissioners in May, 709 (20.0%) were for new dwellings and 2,834 (80.0%) were for existing dwellings. Compared to May 2017, the volume of new dwelling purchases increased by 11.0% and the volume of existing dwelling purchases increased by 0.6% (See Figure 2.1).

Median Price

In the 12 months to May, the median price paid by households for a dwelling on the residential property market was €235,000.

Dublin was the region with the highest median price (€359,000) in the year to May. Of the four administrative areas of Dublin, Dún Laoghaire-Rathdown had the highest median price (€528,500). Whereas, Fingal had the lowest median price (€315,000).

Outside Dublin, the highest median prices were in Wicklow (€310,000) and Kildare (€277,250).

The lowest median price for a dwelling was in Longford (€91,000). The next lowest were Leitrim and Roscommon (both €95,000) (See Figure 2.3).

Mean Price

In the 12 months to May, the mean market price paid by households for a dwelling was €280,666.

In the year to May, the mean price paid by households was higher in Dublin than in any other region or county. The mean price paid for a dwelling in Dublin was €439,038. Of the four administrative areas of Dublin, Dún Laoghaire-Rathdown was the most expensive, with a mean price of €600,042 over the 12-month period. In contrast, South Dublin was the least expensive, with a mean price of €355,231.

After Dublin, the next most expensive region was the Mid-East, where the mean price paid by households was €282,602. Within the Mid-East, Co. Wicklow was most expensive, with a mean price of €354,354, making it the second most expensive county after Co. Dublin.

The least expensive region for household purchases over the last 12 months was the Border region, with a mean price of €131,268. However, the least expensive county was Co. Longford in the Midland region, with a mean price of €104,265 (see Figure 2.4).

Note 

Neither median nor mean prices are appropriate for measuring the evolution of property prices as the mix of houses sold in different periods can change over time. The Residential Property Price Index is the definitive measure of property price trends.

The StatBank Tables are available here